As a business or individual, it is essential to consult a tax solicitor or professional on tax issues. Not dealing with a tax solicitor properly can always have serious consequences on the different aspects of business and personal finance.
A tax solicitor advises you and your business about what you should do to get the most favourable tax treatment in different situations. They can draft legal documents and contracts that will make this possible. They may also represent their clients in the tax court if they face tax issues.
For many reasons, you need a tax solicitor from one of the best UK tax law firms. In this post, we share with you some of the reasons you should hire an experienced solicitor by your side.
1 – Business planning
Are you starting a business, or do you want to plan your business? The best you can do is to have a tax solicitor on board. Whether starting, selling, or purchasing a business, you should make a major financial decision that will affect your finances.
By working with an experienced and licensed tax attorney, you will fully comply with government laws to avoid fines and penalties.
Any business goes through a lot, and as a business owner, you may not have all the time to learn business law and tax issues. When you hire a qualified tax solicitor, you protect yourself and your business from any costly financial and tax errors in your accounting records.
A tax solicitor is as good as an accountant if you want your business to grow without facing issues from the tax authorities.
2 – Tax relief
If you owe the tax authorities money and cannot pay at once, you can negotiate for a repayment plan. That means you agree with HMRC to allow you to pay the tax dues over time. You may need a tax solicitor to help you negotiate with HMRC to lower the monthly tax payment so you can pay the amount you owe them in a reasonable time.
With a tax solicitor, you lower the burden of tax debt. If you can’t pay your taxes on time, a tax solicitor will help you negotiate with the tax authorities. The attorney will make an offer to the HMRC for your business to pay part of the tax debt instead of the full amount.
3 – Tax dispute
Tax dispute refers to an investigation by the HMRC on your business, audit, collection motion, or appeal.
A tax solicitor is well conversant with tax disputes and is best positioned to represent you in tax courts. If you are dealing with a tax dispute in your business, you can work with a tax attorney to help you come to terms with the relevant tax authorities in the UK.
There is a higher probability that HMRC will audit your business this year. When HMRC audits your business, it doesn’t mean you are likely to face a tax issue, but you should get a tax solicitor to represent you when you are in the audit process.
4 – Estate planning
Are you planning to leave some property to your heirs in the will? You are likely to run into a complicated tax implication. Sometimes estate taxes take a huge chunk of the inheritance you want to leave your children.
You can minimize the impact of taxes on your estate if you hire a tax solicitor to take you through estate planning. Get a tax solicitor with speciality and experience in estate planning to help you set a strategy for moving your assets to your heirs.
5 – Filing tax returns
You need a tax solicitor by your side if you haven’t filed your tax returns in a while and you are scared of HMRC. You should contact a tax solicitor if you have not been filing your returns because the longer you wait, the worse the situation becomes.
Your tax solicitor will contact HMRC on your behalf, obtain all receipts on time, and file the returns with the HMRC.
Final Thoughts
Having the right tax solicitor will give you peace of mind when starting a business, transferring property to heirs, and buying property in the UK. Choose to work with an experienced tax solicitor when you face tax disputes to improve your chances of winning the case.